Alliance Bank, Culver City and Newport Beach, Calif., Announces Results for Nine Months Ended Sept. 30, 2001.Business Editors CULVER CITY Culver City, city (1990 pop. 38,793), Los Angeles co., S Calif., a residential suburb of Los Angeles; inc. 1917. It is a center of the U.S. motion-picture industry, whose roots in the city date to c.1915. Its chief manufactures are rubber products and computers. , Calif.--(BUSINESS WIRE)--Oct. 29, 2001 Alliance Bank (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ABCU ABCU Auto Body Credit Union ) announced earnings of $1,038,000 in the first nine months of 2001 versus $1,605,000 for the similar period last year. Earnings per share were 23 cents on 4,505,079 shares outstanding this year against 37 cents on the 4,352,079 shares outstanding one year earlier. Total assets rose to $146,684,000, up about $24,000,000 from $122,497,000 on Sept. 30, 2000. Curtis S. Reis, chairman and president, commented, "The further decline in the prime rate since the first of this year continued to take its toll on asset-sensitive banks like Alliance. Our cost of funds Cost of Funds The interest rate paid on an outstanding loan. Notes: Money isn't free! Cost of funds is the cost of borrowing money. See also: Interest Rate Cost of funds Interest rate associated with borrowing money. has not declined as rapidly as our loan interest rates because we purposely stagger our CD maturities over several years. In an up-rate cycle, this obviously works to our benefit. "Our longer-term prospects remain very bright," Reis continued. "Newport Beach Newport Beach, residential and resort city (1990 pop. 66,643), Orange co., S Calif., on Newport Bay and the Pacific Ocean; inc. 1906. It is a popular seaside resort and yachting center. Manufactures include electrical and medical equipment, computers, boats, and adhesives. is now open as a regional branch and continues to grow nicely. Overall, loan-quality remains relatively strong, but we see some slowing in loan demand. While we expect further economic slowing, the Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, marketplace is one of the largest and most vibrant business areas in the world. Our five-year strategic plan is very bullish." Alliance Bank is a business-oriented commercial bank serving Southern California. To receive a copy of the bank's financial reports or to be put on the bank's mailing list, contact Lyn Caron, executive vice president, at 310/410-9281 or by e-mail: lcaron@allbank.com. |
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